According to the results of the company for the Saudi market (Tadawul) today, the profit for the period amounted to 59 million riyals, compared to profits of 130 million riyals for the second quarter of 2019. p>
The company said in a statement to the stock exchange that the decrease in profits during the comparison periods is due to a decrease in revenues of 168 million riyals.
The company explained that the impact of the Corona Virus Pandemic (COFED 19) pandemic on the expected revenue for the current quarter is estimated at a total of 186 million riyals, which was the result of lower demand for the company’s previous packages Payment, postpaid, hardware, and visitor packages, as well as the Umrah season have stopped.
This was absorbed through cost management to reduce the impact of the pandemic as operating expenses decreased by 125 million riyals. Depreciation and amortization increased by 34 million riyals as a result of capital investments.
She indicated that the cost of financing decreased by 14 million riyals due to a decrease in the reference price of the cost of financing in Saudi riyals (CIBOR) and the reference price of the cost of financing in US dollars (LIBOR) in addition to Improved cash management.
The company recorded profits of 164 million riyals in the first half of this year, compared to a profit of 260 million riyals for the same period in 2019, a decrease in profits by 36.9% .
(Fun Knowledge of Knowledge)
